Switzerland moves to end bank secrecy laws

Switzerland has proposed two draft laws that would effectively get rid of bank secrecy for offshore accounts and allow the automatic exchange of an account-holder’s information with foreign tax authorities.

With banks, including UBS and Credit Suisse, handing over information to the US and paying fines for helping tax evaders, the Swiss government in 2013 said it would adopt the automatic exchange of information, provided it became the global standard.

“The global standard creates a level playing field for all financial centres around the world,” the government said.